House’s Sell Due To Tax Credit – REO’s Lead The Way

Existing home sales surged a record 9.4 percent in September as Americans hurried to take advantage of a tax credit for first-time buyers before it expires next month. Purchases rose to a 5.57 million annual rate, more than expected and the highest in at least two years, according to the National Association of Realtors.

InvestorCompsOnline.com continues to train our members to take advantage of this “surge” by training them to accurately valuate houses and keeping them informed on all the recent trends in the industry.

The September increase in combined sales of single-family houses and condominiums was the biggest since comparable records began in 1999. This is largely in part due to REO deals. The share of homes sold as foreclosures or otherwise distressed properties was 29 percent in September from 31 percent in August. REOGoldMiner.com has provided access to these deals for many of our InvestorCompsOnline.com members. At REOGoldMiner.com members can find and valuate these in demand distressed deals with the click of a button.

InvestorCompsOnline.com’s research has indicated sales of existing single-family homes rose 9.4 percent, the largest gain since 1986, to an annual rate of 4.89 million. Sales of condominiums and cooperatives rose 9.7 percent to a 680,000 rate.

Purchases of previously owned properties, which consist of more than 90 percent of the market, are tabulated when sales close and therefore indicatet contracts signed a month or two prior. Sales of newly built houses, which comprise the rest, are recorded when a contract is signed, and may therefore slow months before the tax credit expires. Buyers must close before the Nov. 30 deadline to be eligible to receive the tax credit.

Many real estate investors are waiting for an extension of the tax credit to continue this surge in the market as September’s sales were mostly dependent on the tax credit.

Many investors’ groups are lobbying to extend the first-time homebuyers credit on concern demand will decrease after it ends. Many senators have tried to convince their colleagues to extend the credit through next June.

Whether the tax credit is extended or not, InvestorCompsOnline.com and REOGoldminer.com provide the tools needed for our members to continue to take advantage of this unique market.

To have access to the abundant REO deals available in this current real estate market visit REOGoldMiner.com and InvestorCompsOnline.com to receive the training necessary to remain successful in this current market. Get a totally unique version of this article from our article submission service

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